Statement on US tariffs, from LCCI CEO Karim Fatehi OBE

Thursday 3 April 2025

Karim Fatehi OBE, Chief Executive of London Chamber of Commerce & Industry (LCCI) said: 

‘The UK and US have long enjoyed a strong bilateral trading relationship, and it is vital that we only build on its success. The newly announced US tariffs present a significant challenge for businesses already facing rising costs and economic pressures on numerous fronts.

‘President Trump’s decision to impose a 10% tariff on all UK exports to the US, alongside a 25% tariff on UK car imports, is deeply concerning for the business community, in London, across the UK and more widely in Europe. These measures risk undermining the competitiveness of London businesses in the US market, potentially leading to reduced exports and further economic strain.

‘The UK government must prioritise securing favourable trade deals to shield businesses from these damaging effects. We recognise its efforts to engage with US counterparts on this issue, and we urge the government to continue robust negotiations to protect UK businesses and maintain our historic trade ties.

‘London businesses are resilient, but sustaining open trade with the US is essential for our future prosperity. The government must act decisively to safeguard our economic interests and ensure a stable environment in which businesses can thrive.

'It is essential to support the London business community in maintaining and enhancing London's status as a global city. London accounts for a significant portion of the UK economy, and bolstering its business environment will create a positive ripple effect throughout the entire country.'

ENDS